Baseball Stadium Authority

Meeting Minutes for Norwich Baseball Stadium Authority Wednesday, January 10, 2018 (6:00 p.m.) City Hall, Norwich • Call to Order by Chairperson, Michael Jewell, MJ (6:00 p.m.) NBSA Members Present: Gary Carignan; GC; Tom Cummings; TC, Gary Schnip, GS, Sean Ryan, SR, Robert Reed RR, Matthew Fortin, MF, Fred Phelps, FP, Bob Demars, BD Members Absent: none Others Present: CT Tigers Representative – Dave Schermerhorn; DS • Review of December 13, 2017 NBSA meeting minutes: Motion made by SR to accept meeting minutes as presented, seconded by RR, passed unanimously (9-0). • Public Comment: None • Chairman’s Report/Correspondence: Received an email from City Manager’s Assistant Jackie. Trying to setup a meeting; more to follow in coming months. • Budget Committee – a. Sandy’s report. Budget approved. • Stadium update: see Operations Committee report a. Leaks in stadium. Suspicion was the irrigation system. Investigation to source of leak continues. Office heating units not working. Emcor came out and repaired unit. • Organization report: none • Old Business: none • New Business: none • Adjournment: Motion made by GC, 2nd by BD to adjourn the meeting. Motion passed unanimously (9-0) at 7:20 p.m. Next meeting: February 14, 2018 at 6:00 p.m. to be held at City Hall. Submitted by Gary Carignan  Stadium Financials December 2017 REVENUES for the month of December 2017 were $3,667.86 in comparison to prior year December 2016 $4,421.92. This is a $754.06 decrease consisting of a decrease from Utility Reimbursement of $727.40, and a decrease in Interest Income of $26.66. YTD Revenues for December 2017 were $152,586.12 in comparison to prior YTD December 2016 $165,308.60. This is a $12,722.48 decrease consisting of a decrease from Utility Reimbursement of $8,210.79 an increase from Interest Income $3.01, and an increase in the Public Safety Adjustment to Income of $4,514.70 EXPENSES for the month of December 2017 were $18,321.05 in comparison to prior year December 2016 $21,473.09. This is a decrease of $3,152.04 consisting of a decrease to Lighting of $727.40, a decrease in Stadium Repairs of $1,902.00, a increase to Misc Admin of $360.00, a decrease in Insurance of $7.37, a decrease in audit fees of $357.85, and a decrease to Depreciation of $517.42. YTD Expenses for December 2017 were $365,526.15 in comparison to prior YTD December 2016 $345,567.83. This is a $19,958.32 increase consisting of a decrease in Lighting of $8,210.79, a decrease in Misc. Admin of $120.00, a decrease in Audit Fees of $35.44, a decrease in Insurance of $46.63, an increase in Stadium Repairs of $41,641.57, and increase in Stadium Contract of $153.18 and a decrease in depreciation of $13,423.57. NET LOSS for December 2017 was $14,653.19 compared to NET LOSS for December 2016 of $17,051.17. This is after depreciation of $14,160.94 in 2017 and $14,678.36 in 2016. NET LOSS for YTD December 2017 was $212,940.03 compared to NET LOSS for December 2016 of $180,259.23. This is after depreciation of $173,035.72 in 2017 and $186,459.29 in 2016. NET LOSS for YTD December 2017 excluding non-cash depreciation expense was $39,904.31 compared to NET GAIN for YTD December 2016 excluding non-cash depreciation of $6,200.06 CASH BALANCE for December 2017 was ($24,502.79) in comparison to prior month November 2017 ($18,722.16). This is a decrease of $5,780.63. This is due to an increase in accounts receivable of $3,667.86, a decrease in accounts payable of $1,620.52 and the monthly net loss of $492.25 excluding non-cash depreciation expense. NOTE: The cash balance @ 12/31/17 is negative therefore the City is making advances to cover expenses for the Authority. NOTE: As of 12/31/17 $76,283.37 has been spent on stadium repair expenses compared to a budget of $32,000.00 for the year. This does not include the $42,390 for the parking lot lighting that was paid for from the City’s capital contingency.